CME Group clocks bitcoin futures volume record by an eye popping 50%, with more than $1 billion in notional value traded

Markets • May 13, 2019, 8:03PM EDT
UPDATED: May 13, 2019, 8:12PM EDT
The Block

In a day that saw the price of bitcoin reach 10-month highs, and the amount of bitcoin inflows added to Grayscale's trust product reach all-time highs signaling rising institutional demand, it was CME bitcoin futures that punctuated the extent of an institutional driven rally.

Reported in a desk update tweet from CME Group, the world's largest options and futures exchange, the Chicago exchange declared its bitcoin futures product recorded a new all-time record of 33.7K contracts sold in one day — shattering the prior records of 22.5K  and 18.3K set on Apr 4 and Feb 19, respectively.

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Considering each contract is equal to 5 bitcoins, the total notional value of 33.7K contracts equates to more than $1 billion in total value traded, and more than 168K worth of bitcoins. According to data from Bitwise, which adjusts reported bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME bitcoin futures volumes in the prior 24 hours was almost double the bitcoin spot volume on Binance and triple volumes on Coinbase.


May 13th notional value is calculated as 168,385 bitcoins * an assumed $8,000 price

About Author

Ryan Todd is a research analyst at The Block where he focuses on the convergence of fintech and digital assets. Previously he worked at Deutsche Bank as an equity analyst covering consumer finance and payments companies, and also spent time at ConsenSys exploring the broader Ethereum ecosystem. Ryan holds a BS in Economics and Accounting/Finance from Florida State University, and MS Finance from Vanderbilt University.

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